Halka Açık Demiryolu Şirketlerinin Yönetişim Aydınlatma Notlarının Belirleyicileri

Serbestleşme, ticarileşme ve özelleştirme eğilimlerinin etkisiyle, hisse senetleri halka arz edilen demiryolu şirketlerinin sayısı dünya genelinde her geçen gün artmakta olup, bu eğilim anılan şirketlerin şeffaflık, yönetişim aydınlatma ve kurumsal yönetim ile ilgili sorunlarını beraberinde getirmektedir. Bu çalışma mezkur kavramlardan yönetişim aydınlatmaya odaklanmakta ve halka açık demiryolu şirketlerinin yönetişim aydınlatma notlarının belirleyicilerini ekonometrik modeller yardımıyla tahmin etmeyi amaçlamaktadır. 2005-2017 yılları arasında 7 ülkeden toplam 34 adet halka açık demiryolu şirketinin yönetişim aydınlatma notları ile bilanço ve gelir tablosu verileri kullanılarak yapılan analizlerin sonuçlarına göre, yönetim kurulu büyüklüğü, yönetim kurulundaki bağımsız üye oranı, şirket büyüklüğü ve finansal kaldıraç değişkenlerindeki artış, yönetişim aydınlatma notunu arttırırken Kara Avrupası Hukuk Sistemini benimseyen ülkelerde kurulmuş halka açık demiryolu şirketleri, Anglo-Sakson Hukuk Sistemini uygulayan ülkelerdeki demiryolu şirketlerine göre daha düşük yönetişim aydınlatma notlarına sahip olmaktadır.

Determinants of the Governance Disclosure Scores of the Publicly Traded Rail Companies

The number of listed rail companies has been increasing due to the liberalization, commercialization, and privatization tendencies. This trend in turn creates problems regarding the transperancy, public disclosure, and corporate governance of the publicly traded rail companies. The aim of this study is predicting the determinants of the governance disclosure scores of the publicly traded rail companies. Our findings, using a sample of 34 rail companies from 7 countries over the 2005-2017 period, suggest that board size, percentage of outside directors, company size, and financial leverage have a positive association with the governance disclosure scores whereas rail companies founded in civil law countries are likely to have lower governance disclosure score than those established in the common law countries.

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